Siyata Mobile Delivers SD7 Handsets To California Parks; Q2 Earnings Reflect Challenges
Portfolio Pulse from Akanksha Bakshi
Siyata Mobile Inc. (NASDAQ:SYTA) delivered SD7 handsets to the California Department of Parks and Recreation. Despite this, the company reported a significant decline in Q2 2024 earnings, with a 30.2% revenue drop and a widened net loss. However, the company expects a strong Q3 due to a backlog of orders.
August 16, 2024 | 2:26 pm
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Siyata Mobile delivered SD7 handsets to California Parks but reported a challenging Q2 2024 with a 30.2% revenue decline and a widened net loss. The company is optimistic about Q3 due to a strong order backlog.
The delivery of SD7 handsets to California Parks is a positive development, but the significant decline in Q2 earnings and widened net loss are likely to weigh on the stock in the short term. The company's optimism for Q3 due to a strong order backlog may provide some support, but the immediate impact is likely negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100